Media Interactions - ಆರ್ಬಿಐ - Reserve Bank of India
Media Interactions
Shaktikanta Das: India today deserves a very much more serious look because of all that is happening in India. The interest this time around in India is genuine. There is a lot of International confidence on the Indian growth story, on the technology story built around India, on the growth prospects of India, and the stability that is the macroeconomic and financial sector stability that India offers. So, my message if you see it in that sense is that we need to really step back and look at the business opportunities in India because this is the right time to get into the Indian business ecosystem.
Shaktikanta Das: India today deserves a very much more serious look because of all that is happening in India. The interest this time around in India is genuine. There is a lot of International confidence on the Indian growth story, on the technology story built around India, on the growth prospects of India, and the stability that is the macroeconomic and financial sector stability that India offers. So, my message if you see it in that sense is that we need to really step back and look at the business opportunities in India because this is the right time to get into the Indian business ecosystem.
Shereen Bhan: Welcome to the CNBC-TV18 Special Lunch. We are coming to you live from Davos 2024. You have seen a slew of headlines here on CNBC-TV18 and joining me now is the RBI Governor Shaktikanta Das. Mr. Das, always a pleasure. Thank you so much for joining us here on CNBC-TV18. You are quite the envy here of everyone in Davos. Mr. Das, I was looking at a press conference that you were doing a few days ago when you arrived in Davos. Many were almost saying that thewere feeling jealous of the position that you find yourself in.
Shereen Bhan: Welcome to the CNBC-TV18 Special Lunch. We are coming to you live from Davos 2024. You have seen a slew of headlines here on CNBC-TV18 and joining me now is the RBI Governor Shaktikanta Das. Mr. Das, always a pleasure. Thank you so much for joining us here on CNBC-TV18. You are quite the envy here of everyone in Davos. Mr. Das, I was looking at a press conference that you were doing a few days ago when you arrived in Davos. Many were almost saying that thewere feeling jealous of the position that you find yourself in.
Vishnu Som: One of the most important announcements which have been made over the last couple of days at the World Economic Forum and on the sidelines here in Davos, Switzerland, is the India Growth Story. There is nobody better placed to talk about growth in India than the RBI Governor. Mr. Shaktikanta Das has joined us now. Thank you very much for being with us. Sir, 7% is extremely optimistic; it is in line, of course, with what some of the global projections are. What are some of the sectors driving this growth?
Vishnu Som: One of the most important announcements which have been made over the last couple of days at the World Economic Forum and on the sidelines here in Davos, Switzerland, is the India Growth Story. There is nobody better placed to talk about growth in India than the RBI Governor. Mr. Shaktikanta Das has joined us now. Thank you very much for being with us. Sir, 7% is extremely optimistic; it is in line, of course, with what some of the global projections are. What are some of the sectors driving this growth?
Hello and welcome to Business Today Television. I am Siddharth Zarabi and with me here is Mr. Shaktikanta Das, the Governor of the Reserve Bank of India. Thank you very much, Mr. Das, for joining us at the India Today Business Today studio here at Davos at the World Economic Forum. You have been here. I want to begin with the big question. Last year, the mood around the global economy and the pessimism that existed among CEOs was quite a bit. How is the mood as far as the global economy is concerned? What is your reading of the situation, particularly the supply side bottlenecks that caused a huge inflationary spiral all across the world, Sir?
Hello and welcome to Business Today Television. I am Siddharth Zarabi and with me here is Mr. Shaktikanta Das, the Governor of the Reserve Bank of India. Thank you very much, Mr. Das, for joining us at the India Today Business Today studio here at Davos at the World Economic Forum. You have been here. I want to begin with the big question. Last year, the mood around the global economy and the pessimism that existed among CEOs was quite a bit. How is the mood as far as the global economy is concerned? What is your reading of the situation, particularly the supply side bottlenecks that caused a huge inflationary spiral all across the world, Sir?
Haslinda Amin:Preoccupation right now in the markets and everywhere else is rate cuts. When can we expect the RBI to cut rates?
Shaktikanta Das:That will depend on the incoming data. That will depend on the outlook. I find that financial markets all over the world have started talking about rate cuts, whereas the central banks are nowhere near it as per the statements which are coming out from various central banks. So far as India is concerned, inflation has moderated steadily from the peak of 7.8% which we saw immediately after the onset of the Ukraine war. It has come within our target range of 2% to 6%, but our target being 4%, we are still moving towards 4%. Till we reach 4% on a durable basis, it will be too premature to talk about rate cuts in the context of India.Haslinda Amin:But expectations are that you will get to 4% before 2025, which means you will get there this year. Could we possibly see rate cuts in the second half?Shaktikanta Das:I have said yesterday in another forum that our expectation of average headline inflation for the next year 2024-25 starting from the first of April, is 4.5% with several ups and downs. Unless we reach 4%, and unless we see clear evidence that it is going to sustain at that level, it will be really premature to talk about rate cuts and at the moment as I speak to you, the topic of rate cuts in that aspect is not on our table, it is not even under discussion. Our focus is now to remain actively disinflationary to bring inflation to 4%.
Haslinda Amin:Preoccupation right now in the markets and everywhere else is rate cuts. When can we expect the RBI to cut rates?
Shaktikanta Das:That will depend on the incoming data. That will depend on the outlook. I find that financial markets all over the world have started talking about rate cuts, whereas the central banks are nowhere near it as per the statements which are coming out from various central banks. So far as India is concerned, inflation has moderated steadily from the peak of 7.8% which we saw immediately after the onset of the Ukraine war. It has come within our target range of 2% to 6%, but our target being 4%, we are still moving towards 4%. Till we reach 4% on a durable basis, it will be too premature to talk about rate cuts in the context of India.Haslinda Amin:But expectations are that you will get to 4% before 2025, which means you will get there this year. Could we possibly see rate cuts in the second half?Shaktikanta Das:I have said yesterday in another forum that our expectation of average headline inflation for the next year 2024-25 starting from the first of April, is 4.5% with several ups and downs. Unless we reach 4%, and unless we see clear evidence that it is going to sustain at that level, it will be really premature to talk about rate cuts and at the moment as I speak to you, the topic of rate cuts in that aspect is not on our table, it is not even under discussion. Our focus is now to remain actively disinflationary to bring inflation to 4%.
Well, good morning and a warm welcome to this horizon scan session on growth engines for emerging markets. Thank you for joining us here in the Ideas Hub at Davos and thank you to our communities joining us online from around the world. My name is Stephan Mergenthaler from the World Economic Forum and I have the pleasure to facilitate this session.
Well, good morning and a warm welcome to this horizon scan session on growth engines for emerging markets. Thank you for joining us here in the Ideas Hub at Davos and thank you to our communities joining us online from around the world. My name is Stephan Mergenthaler from the World Economic Forum and I have the pleasure to facilitate this session.
Moderator: Thank you, Governor. Lots of interesting comments you made in your speech. I would like to start with what you said towards the end, where you said, in your interaction with some bank CEOs, they had some areas of concern and I remember at the time when the RBI had raised the risk weights on unsecured loans, you had called it a pre-emptive measure. So, are there any other areas which make you a little bit worried and where you will now direct your lens with more intensity?
Moderator: Thank you, Governor. Lots of interesting comments you made in your speech. I would like to start with what you said towards the end, where you said, in your interaction with some bank CEOs, they had some areas of concern and I remember at the time when the RBI had raised the risk weights on unsecured loans, you had called it a pre-emptive measure. So, are there any other areas which make you a little bit worried and where you will now direct your lens with more intensity?
Good afternoon everyone and welcome to the Post-Monetary Policy Press Conference of the Reserve Bank of India. This is the last of this calendar year and I would like to welcome all media friends to this Press Conference. Today, we have with us Honorable Governor Shri Shaktikanta Das, Deputy Governors – Dr. M. D. Patra, Shri M. Rajeshwar Rao, Shri T. Rabi Sankar, and Shri J. Swaminathan. We also have with us today, our Executive Directors Dr. O. P. Mall and Dr. Rajiv Ranjan.
Good afternoon everyone and welcome to the Post-Monetary Policy Press Conference of the Reserve Bank of India. This is the last of this calendar year and I would like to welcome all media friends to this Press Conference. Today, we have with us Honorable Governor Shri Shaktikanta Das, Deputy Governors – Dr. M. D. Patra, Shri M. Rajeshwar Rao, Shri T. Rabi Sankar, and Shri J. Swaminathan. We also have with us today, our Executive Directors Dr. O. P. Mall and Dr. Rajiv Ranjan.
Raghuvir Srinivasan, Editor, Business Line:
Recognition of the Reserve Bank's adroit handling of monetary policy and regulations over the last three years especially since the interest rate cycle turned a year and a half ago. I would like to ask you two or three questions very quickly. The first is you will go down in history as the only Governor of the Reserve Bank of India who had the job to guide the country and the economy during a calamity that the country faced. Now, I would like to understand your thought process when you were so super active during the COVID period. The moment COVID was announced you opened up communication with the markets and with the press very quickly; going in front of the cameras and addressing people. Now what was your thought process when you went through that difficult period helming the RBI?
Raghuvir Srinivasan, Editor, Business Line:
Recognition of the Reserve Bank's adroit handling of monetary policy and regulations over the last three years especially since the interest rate cycle turned a year and a half ago. I would like to ask you two or three questions very quickly. The first is you will go down in history as the only Governor of the Reserve Bank of India who had the job to guide the country and the economy during a calamity that the country faced. Now, I would like to understand your thought process when you were so super active during the COVID period. The moment COVID was announced you opened up communication with the markets and with the press very quickly; going in front of the cameras and addressing people. Now what was your thought process when you went through that difficult period helming the RBI?
Moderator:
Thank you so much Sir, for joining us today. Ladies and gentlemen, as you all are aware the Governor Mr. Shaktikanta Das has been rated as the Top Central Banker Globally by Global Finance Magazine. He is also being conferred with the Governor of the Year Award at Central Banking Award 2023. He has cemented his position as someone who is adept at really making critical reforms. He has overseen the world's most innovative leading payments and its innovation and stirred India through difficult times and is playing an instrumental role in catapulting India into global arenas with his crystal clarity, intuitive originality, his analytical mastery, and most importantly, his ability to navigate through the clutter and come up with razor-sharp perspectives. Ladies and gentlemen, a big, big applause for Mr. Shaktikanta Das, Governor, Reserve Bank of India.
Moderator:
Thank you so much Sir, for joining us today. Ladies and gentlemen, as you all are aware the Governor Mr. Shaktikanta Das has been rated as the Top Central Banker Globally by Global Finance Magazine. He is also being conferred with the Governor of the Year Award at Central Banking Award 2023. He has cemented his position as someone who is adept at really making critical reforms. He has overseen the world's most innovative leading payments and its innovation and stirred India through difficult times and is playing an instrumental role in catapulting India into global arenas with his crystal clarity, intuitive originality, his analytical mastery, and most importantly, his ability to navigate through the clutter and come up with razor-sharp perspectives. Ladies and gentlemen, a big, big applause for Mr. Shaktikanta Das, Governor, Reserve Bank of India.
ಪೇಜ್ ಕೊನೆಯದಾಗಿ ಅಪ್ಡೇಟ್ ಆದ ದಿನಾಂಕ: ಆಗಸ್ಟ್ 26, 2024